top of page
My project(48).png
My project(47).png
My project(91).png
My project(112).png
wi co bl.png
My project(69).png
"The essential guide when you are faced with creating your retirement income."

I believe that every retiree should understand two, critically important principles about income. The first is,


"In retirement, it's your income, not your savings, that creates your standard of living."


I first heard this articulated by Robert C. Merton, winner of the Nobel Prize in Economics. The second principle is my own:


"The income-producing capacity of money changes all the time. You should assume that it will change when you are retired."

Watch Two Principles About Income, a short video that explains the incredible impact of these principles merging during the retirement of a woman named Jennifer.  Having a well-planned strategy for retirement income is the key to avoiding Jennifer's experience."

"With economic uncertainty increasing, stocks dropping, inflation surging, and the Fed tightening, this is a perilous time to retire.  I wrote Constrained Investor to help you safeguard your income. Why? Because, financially, income is everything to a retiree."

"No retiree stops needing income. That's why taking the steps necessary to insure the continuance of your income is a retiree's most important financial challenge."
David Macchia
Protection is Priority One
Because Constrained Investors have an unconditional reliance upon their savings to produce their required income, their chief priority is protection from risks that the typical retirement income strategy doesn't address.
Timing Risk is a Grave Threat
It's a huge problem if you have the wrong income strategy. You could lose hundreds-of-thousands of dollars simply by being unlucky in the timing of your retirement. Watch the movie below to learn why.
Defining the Constrained Investor
Constrained Investors reach retirement with savings. That's good. However, the amount they've saved may be just enough, or not quite enough, to produce the amount of income that they must have to fund a minimally acceptable lifestyle.

"Timing Risk is a big, scary monster of a financial threat. Don't let it feast on your income!"

"But Timing Risk is just one of  '3 Big Risks' that threaten a retiree's income. You need to learn about them because, without a strategy to manage these risks, a retiree leaves it to luck to determine his or her financial future."
David Macchia
The Book
Macchia Book Cover Final.png

Retirement? I'm confident.

The Book

Why It's Important

Financial education is sorely lacking in the U.S. We are not  taught in school how to turn our retirement savings into monthly income that both lasts and keeps pace with inflation. We're not taught that, in retirement, it’s your income, not your wealth, that creates your standard-of-living. This poorly understood fact has huge financial implications for millions of retirees. Constrained Investor teaches you how to array your savings in a way that creates a balanced investing strategy. This encourages investment discipline and staying power while mitigating Timing and longevity risks. Over the course of retirement, managing these risks  successfully, or not, can mean the gain or loss of hundreds-of-thousands of dollars.


Whether you have accumulated $100,000 or $10 million, the investing strategy you use to turn your retirement savings into retirement income is one of the most consequential financial decisions you will ever make. Constrained Investor explains how to safeguard your retirement security by taking the steps needed to preserve your income.

"Don't navigate the financial complexities of retirement income before you read Constrained Investor."


"I don't know if an income plan that delivers more."

You've worked hard. You've saved. You understand that Social Security helps, but it's certainly not enough. Your savings must fill the gap. But how do you use your savings? Could you spend too fast? How much risk should you take? What investments to choose? Will the income last into your old age? These are questions that income planning financial advisors answer all the time when they use the Constrained Investor Plan to help their clients invest for retirement security. An income plan with these qualities builds confidence in retirement.
  • Understandable

  • Confidence-building

  • Defines goals

  • Mitigates Timing Risk

  • Mitigates longevity risk

  • Mitigates inflation risk

  • Balances protection and market exposure

  • Creates investment discipline

  • Safe monthly paychecks

  • Targets inflation-adjusted income

  • Targets an ending balance

  • Integrates Social Security

ci plan.png

David says, "No retiree stops needing income. This is why no financial issue is more important than creating income."

The Plan
How it Works

How it Works

"The 7-Segment Hybrid Strategy provides the best collection of benefits for Constrained Investors."

This six-minute movie explains how the 7-segment strategy works, and describes the benefits it offer to retirees. Having spent 19-years of working in the field of retirement income planning, I believe this investing strategy is the most "perfect" choice for Constrained Investors.

The Constrained Investor Plan blends two proven methods for producing monthly income: Time Segmentation, and Lifetime Income from an annuity. This combination unleashes a host of advantage for the Constrained Investor. A logical and transparent approach to investing, the hybrid strategy targets to provide regular pay raises in manageable, five-year sequences.

Balance: Firstly, the Process creates a balance between safe investments and exposure to market risk. Both are absolutely vital for the Constrained Investor. The safe investments provide safe, monthly paychecks, and protection from Timing Risk.This protection is vital. If you haven't already, watch the movie to learn about this Timing Risk.

Market Exposure: Equally important for Constrained Investors is the need for them to have some of their savings invested in stocks over the course of retirement. At least as far as history has shown us, investing in stocks is the best way to keep pace with inflation.

Income that Lasts for Life: The inclusion of a lifetime payment annuity helps to ensure that you will have money to meet your expenses, no matter how long you live.

Confidence: An understandable plan,a long-term investing strategy, and a sharp focus on managing risks are qualities that can help you feel more confident about your financial security in retirement.

Flexibility: As your life circumstances, goals and objectives may change over time, the plan can be easily adjusted to reflect your new priorities.

The Personalized Analysis:  In the same way that a map or GPS would guide you on a cross country journey, the Personalized Analysis  guides you on your retirement income journey. It describes exactly how your income will  be created. This makes for greater confidence and peace-of-mind.


Watch the movie and learn what it means to be a Constrained Investor


Safeguarding your financial security in retirement starts by knowing what type of investor you are.
About David
My project(90).png

About David

David Macchia is an author and entrepreneur whose work is focused on improving Americans' retirement security. A nationally recognized expert in retirement income planning, David is Founder & CEO of Wealth2k Inc, the nation’s leading provider of retirement income planning systems. He is the creative force behind the popular retirement income solution, The Income for Life Model®, as well as Women & Income™, the first retirement income solution developed expressly for “Boomer” women.


David writes frequently on the subjects of retirement income planning and macroeconomics. He has authored two books on retirement income, Lucky Retiree and Constrained Investor. He is a regular contributor to Advisor Perspectives, and also writes for ThinkAdvisor, Financial Planning, Financial Advisor Magazine, Wealth Management, Insurance NewsNet, and Retirement

A gifted public speaker, David has delivered dozens of keynote addresses for organizations including the Financial Planning Association, Retirement Income Industry Association, Pershing Customer Conference, Bank Insurance and Securities association, National Association for Fixed Annuities, LIMRA, and the Insured Retirement Institute.

David earned an MBA, with Honors, from Boston University Questrom School of Business. He holds the RMA and CBBF professional designations.

Excerpts from David Macchia's Constrained Investor


"Failing to get the transition from accumulation to distribution correct can make for a retiree’s worst financial outcome: no savings and no income."
"Luck should never be the factor that determines your standard-of-living in retirement. Yet, millions of Americans allow luck to do just that. Not because they want to, but because, in our culture, educating the general public on how to properly create retirement income is, unfortunately,  just not a priority."
"Turning a lump sum of cash into a lifetime of inflation-adjusted income is neither intuitive nor easy. The task requires special skills and insights."

Constrained Investor gives you the skills and insights that are critical to creating and preserving your income in retirement.

"Once investors reach retirement, even the most disciplined and consistent savers can easily mishandle the process of turning savings into monthly income. It is easy to stumble. Why? Too often, retirees do not have the proper guidance on how to convert savings into income that lasts. They simply do not know how to intelligently distribute their savings. In the field of retirement income planning, distribute and distribution are particularly important words. They reference the spending down of retirement savings."
"Although most financial advisors have not created formal written income plans for their clients, they have nonetheless traditionally helped clients generate income from their investment portfolios. Most often, advisors use a simple income strategy called the Systematic Withdrawal Plan (SWP). The truth is, depending on the type of investor you are, a SWP can be extremely dangerous to your retirement security. I do not favor SWP for most investors. It is absolutely reckless for Constrained Investors."
Buy Constrained Investor

Purchase Paperback
(Check prices, they vary widely)


Purchase eBook


"With Constrained Investor, David Macchia redefines retirement income planning for a new era in personal finance. Macchia explains how a retiree can protect his or her income, and shows why income is even more important than wealth. His unique explanation on how to manage risks, including timing risk, is an important achievement. This is a must read book for anyone approaching retirement or recently retired."

Jason Ray CFP®, ChFC, CLU, CRPC, FLM
Retirement Income Planning Expert

For media inquiries, and to book speaking engagements, please contact David Macchia:

Thanks for submitting!

Tel: 781-222-3038 |

Follow me:

  • Black LinkedIn Icon


bottom of page